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Trends point to a hung assembly Hunt for new finance secretary on... Vodafone slapped with tax notice of Rs 3700 crore ONGC to draw down on reserves to meet CAPEX needs Hyundai Grand i10 awaiting launch Urja Sangam in Delhi LANCO opens negotiations with buyers for Karnataka power plant How important is Modi’s German visit... Canada screams over IT outsourcing to India Lanco to sell Australian acquisition SpiceJet in the news again Singapore Airlines prefers Airbus Capital Notes Flipkart India in the red by Rs 280 crore Fox Star Studios to tie-up with Bolly-wood and Kollywood Smartphone prices may change Jet-Etihad Rs 2000 plus crore deal to be cleared Plans to double trade with Latin America Aircraft lessors to get protection from defaulting airlines TVS bullish on the two wheeler market? Excise duty may halt the war in SUV market Automobile sector in slump... Latin America beckons India for investments Wal-Mart studying FDI norms post split with Bharti Kolkata kisses goodbye to Ambi? Carlyle invests in Trehan’s Medanta Medical Centre TCS, India’s biggest block buster German envoy Steiner caps a language row Airlines hit by service tax on lease While MoTown is on a tailspin, the telecom sector is staging a rally Vodafone to buy out minority shareholders GMR to raise US $ 250 mn thru QIP Renault revving up small car launch Infosys not to cut prices
 
Urja Sangam in Delhi

A unique Urja Sangam or Energy Conclave was organised in Delhi by the Ministry of Petroleum and Natural Gas. The conclave was to commemorate 50th anniversary of the state owned ONGC Videsh, Engineers India Ltd and Barauni Refineries of Indian Oil Corporation Ltd.

Prime Minister Modi inaugurated the function attended by the CEOs of the top public and private sector enterprises operating in the upstream and downstream sectors of the Indian oil industry. Modi used the platform to underscore the need for reducing crude oil and petroleum product imports to save valuable foreign exchange for the country. India cannot afford a US $ 164 billion oil import bill as recorded in 2012-13, but India has benefited late last year and early this year from the crash in oil prices by about US $ 50 billion.

Modi asked national oil companies to produce more crude within the country and reduce imports by 20 per cent within 2022, which is a tough target indeed according to oil companies.

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